Analysis: BTC pulled back after rallying near $87,000, failing to challenge the September high in two attempts over a single week.

On October 5, Bitcoin surged to nearly $87,000 at one point, coming within just $500 of the ~$87,400 stage high set at the end of September, but subsequently pulled back amid selling pressure, according to CoinDesk.

Analysts note that this rally extended Sunday's rebound, marking Bitcoin's second unsuccessful attempt within a week to break through the late-September highs. Previously, on Wednesday of last week, U.S. inflation data coming in below expectations pushed BTC to around $85,500, only for it to retreat hours later. Weaker U.S. jobs data has eased pressure on the Federal Reserve to continue raising interest rates, providing support for risk assets. If Bitcoin closes above $87,000 on the daily chart, it could serve as a key signal for buyers breaking through the late-September highs.